Carlsbad Housing Market Update – March 2019

The Carlsbad housing has ramped up since the beginning of the year. In March there were 121 total Carlsbad homes sold, an increase by 7% from February, and the 3rd increase since the holidays!  Here are the details:

Detached Homes Sold – 73 homes sold (up 4%); 33 Days on Market, Average Sale price $1,161,635 (up 15%), Average sale price 99% of the original asking price

Attached Homes (condos, town homes, twin homes) Sold – 48 homes sold (up 9%); 39 DOM, Average Sale price $681,984 (up 7%), Average sale price 96% of the original asking price

Average sales prices increased for both detached homes and attached homes; the increase in detached home prices is likely influenced by the sale of 1 home for over $7M which raised the average.

Compared to March 2018, detached home sales dropped by 9%, but rose 20% for attached homes. Average prices year over year shifted down by 1% for detached homes, but increased by 19% for attached homes.

18% of the transactions were cash buyers (versus 17% last month)

The average time on the market (DOM) decreased for detached homes but remained the same for attached homes.

Carlsbad buyers, on average, were able to buy their homes for 1 – 4% off the original asking price, however, 35% of the home buyers paid asking price or better for their homes. And no doubt there was plenty of competition!

There were 4 homes in Carlsbad at the end of March with a CONTINGENT status, the same as last month. 3 of these homes are in a “first right of refusal” stage due to contingent offers being accepted, and 1 is a short sale awaiting lender approval.

There were 356 Carlsbad homes for sale (216 detached, 140 attached) at the end of March, an overall increase by 29% from last month, and the 3rd consecutive improvement in the inventory. This are substantially more listings than one year ago, and 42% more since the end of December 2018.

We have about 3.1 months of inventory for attached homes (down from 3.4 months last month) and 3.1 months for detached (up from 2.9 months last month) based on the current rate of sales over the last 3 months. Thus, Carlsbad remains a strong sellers’ market based on current inventory and buyer demand – buyers can expect competition and multiple offers on many properties except at the high end.

In March 240 new listings came on the market, a significant increase by 24% from last month. The number of homes going pending in March (excluding those homes that closed), 133, was also up, by 25%, from February.

This real estate market report was based on information provided by the MLS. I’m happy to provide more details with regard to current activity as well as for specific neighborhoods of Carlsbad that interest you.

Please contact me at (760) 840-1360 so we can discuss your housing needs, lifestyle and budget, and any questions you have, so we can create a strategy to get you into a new Carlsbad home in 2019, or to help you sell your current home.